Dick Smith’s coming to the political party

AUSTRALIAN entrepreneur Dick Smith has used a Salvation Army event attended by Premier Mike Baird to voice plans to launch a new party bearing his name.

The Dick Smiths Electronics founder has registered the business name The Dick Smith Party to remove red tape on businesses and continue his campaign against foreign ownership of Australian companies.

But the millionaire will not follow mining tycoon Clive Palmer's lead by standing for parliament himself.

"No. I'm not running," he told Fairfax Radio. "(But) I will put all my time into it.

"I've already got some young people who are interested in having a sustainable population, not a 'Big Australia', and not having ridiculous over-regulation.

"I'm told we'll get someone up."

Mr Smith also used the Salvation Army Red Shield Appeal launch to criticise about 2000 Australians earning more than $1million a year who he said did not donate to charity.